The Non-Update on My Escrow Refund

It’s been over a month since I received a rubber escrow refund check from my former mortgage provider, Taylor, Bean, & Whitaker. For those who didn’t catch the story the first time around, my husband and I refinanced and had a $1200 escrow refund due.

At the end of August I received and deposited the check into my bank. A few days later it was returned NSF, causing us to be charged a bunch of overdraft fees that were eventually reversed.

Here’s the update: there is no update.

The Status of Escrow Accounts at Taylor, Bean, & Whitaker

I have called TBW three times now to find out what is happening with my escrow money. Every time I was on hold for around an hour before being told that the money is there. It’s just frozen by the FDIC. According to Taylor, Bean, & Whitaker, I will receive the money, when the FDIC decides to unfreeze the money.

I’ve talked to the FDIC. The FDIC put is blaming TBW in the matter. And they had someone from TBW call me back, basically telling me the same thing TBW told me when I initiated the call.

So basically, nobody at either the FDIC or TBW is giving anyone a straight answer.

The Status of Former TBW Mortgage Holders

Former TBW mortgage owners are in a world of hurt. Some have had to come up with property tax payments out of their own pockets…after having paid a year of tax payments into their escrow accounts.

Some people can’t afford to pay their property taxes and have been assessed late fees. Some are even in danger of having leins put against their property, because they haven’t paid their property taxes.

Some people were part of an Equity Accelerator program that somehow ran through TBW. And payments they made to TBW didn’t make it to Equity Accelerator, so now they’re behind on their payments. Ironic, since the reason that they signed up with EA was so they could get ahead on paying down their principle.

Others still aren’t sure to whom they should make their mortgage payment. On one day they’re told that their mortgages are with Bank of America, and on another day they’re told their mortgages are with CENLAR. And still others have been told that they are part of TBW’s restructuring, under Chapter 11 bankruptcy, meaning that the need to continue making payments to a company whose funds are frozen. Not very encouraging.

Where are the Answers to the Taylor Bean Whitaker Crisis?

In doing a Google search for the status of Taylor, Bean, & Whitaker and the funds they (or the FDIC, depending on who you talk to) are holding, I haven’t come up with much. Neither has anyone else.

Other than local Ocala, FL papers, there hasn’t been much news on the third largest mortgage provider’s bankruptcy, other than the fact that they have indeed declared bankruptcy.

Basically customers are forced to get information from other customers. My last post on Taylor, Bean, and Whitaker has over 160 comments from mortgage customers sharing what they know and what they’ve been told. One reader mentioned that a ruling had been made in the legal case between the FDIC and Taylor, Bean, & Whitaker, but I’ve had trouble coming up with an online source to confirm that.

You’d think that there would be a better way to keep consumers, some of whom have thousands of dollars at stake, better informed about what is happening and what to expect.

I also think it’s sad that here we have a situation that is affecting hundreds, if not thousands, of people: people, who have done everything right, but are paying a high price for the failure of their mortgage company. Yet in the national news, Jon & Kate’s unraveling marriage is of more concern than what happens to people when Taylor Bean & Whitaker doesn’t pay property taxes and insurance.

Search Results:

  • CNN: 0 for Taylor Bean Whitaker, 7 pages for Jon & Kate. A search of CNNMoney.com produced 2 results for Taylor Bean Whitaker.
  • MSNBC: 29 for TBW, 1,580,000 for Jon & Kate
  • Fox News: Difficult to tell, as there doesn’t seem to be a good way to do an exact search. However a search for “Taylor, Bean, and Whitaker” returned two results for the mortgage company on the first page. Other results included Taylor Swift and Green Bean Casserole. A search for Jon and Kate turned up at least three pages of results that were purely about Jon and Kate Gosselin. I stopped looking after three pages.

Does anyone else see something wrong with this picture?

Photo by lrargerich.



Author

By , on Oct 5, 2009
Lynnae McCoy I'm Lynnae, wife of one and stay-at-home mom of two. I'm committed to getting out of debt by being frugal with my choices in life.

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{447 Comments}

  1. David:

    Check from Freddie Mac was received, deposited and cleared. I will be rescinding my Proof of Claims form from BMC Group as well. Glad this is all over.

    • Meridell:

      Please don’t resind anything, amend your claim with the bankruptcy court and charge them interest, it’s been almost a year that they’ve had our money.

  2. Zach:

    I just called BOA, who is my servicer, and they have no record of me in their system. Tried calling Ginnie Mae and their Voicemail Inbox was full. Can’t call TBW cause they do not take calls anymore . . . feeling kinda screwed over at this point. *sigh*

    • Sarah:

      Zach,

      Did you refinance with another company before TB went under? I’m in a similar situation. We went with another company back in July and our loan was paid in full. When I go to TBW website and put our old loan # in they told me to call BoA. So I called BoA and they have no record of my husband and I.

      • Zach:

        We refinanced like a week before this whole mess began – they have a hefty Escrow check of ours that would be really nice to get back.

        My situation is similar to yours . . . I assume you are just as lost as myself. Mildly frustrating that all these checks are flying out and they can’t even find me.

        • Stacy:

          I refinanced in 7/09 with another mortgage company and the escrow refund we rec’d in 8/09 was returned NSF.
          A few weeks ago I called BOA and talked to a supervisor. He said he’d research my situation on the escrow refund. But I haven’t heard anything back yet, surprise! But he did explain to me that the reason they cannot locate me in their systems is b/c they never took over my loan, so there is nothing to put in the system for me.
          I went round and round with Ginnie Mae. Finally last week I talked to a Gail and told her I was inquiring on my escrow refund and she said she would take a message and have the person working on this call me back. I received a voicemail on my cell phone 3 hours later from a Paul at Ginnie Mae stating that I should receive my escrow refund by the end of May. So I am hopeful. This is the first time since last August that someone has actually called me back:)

        • A.S.:

          Stacy, would you be able to give me the number/info at Ginnie Mae that I could call. I’m in the same boat and haven’t gotten anywhere. Thanks!

  3. Margaret Rover:

    I just received my check from Freddie Mac!! Yay!!

    Good luck to all and thanks for sharing such valuable information!

  4. cyndy:

    When I put my loan number in it says contact BOA. BOA is not helping me at all and I lodged a formal complaint against them through the OCC. So when I called today it is supposedly getting top priority. All I want is my escrow to be corrected from the lender placed flood insurance that TBW put in it in error. Then I should be due a refund. Again they told me my request went to the wrong dept and I must again wait another 7-10 days. Do I even fit in a protocol if it is a matter of an adjustment and a refund?

  5. Victor:

    I received my escrow refund check from Freddie Mac yesterday. Will post again whether it clears or not.

  6. Samir:

    I also received my check yesterday from Freddie Mac. I refinanced just before the BK, as my loan was paid in full. I just deposited the check> I hope thats the end of it. Will comment WHEN it clears. I pray for a quick resolution for the rest of you still waiting.

  7. TH:

    Anyone in issue #4 gets any news? I am an affected borrower in issue 4 with Freddie Mac, and didn’t hear anything from them.

  8. Debra:

    Congrats to all the lucky ones who have received their checks from Freddie Mac. When I input my loan number is comes up Ginnie Mae. has anyone heard from them?

  9. Margaret Rover:

    Congratulations to you all. Hope my Freddie Mac check comes in soon…maybe PA mail is slow…

    I am in the escrow rebate after refinance crew…

  10. Derek:

    Not to rub it in, but I also received my check yesterday from Freddie Mac. I refinanced just before the BK, so I was part of Group #2 waiting on the refund of my escrow balance, as my loan was paid in full. I pray for a quick resolution for the rest of you still waiting.

  11. brad:

    Talked to the Ginne Mae rep this AM… We should have checks at the end of May or first of June…

    Keep your fingers crossed!

    • Melissa:

      Brad, can you please provide the name and number of the individual at Ginnie Mae that you spoke to? Many thanks!

  12. Stacy:

    congrats to you all that just rec’d your checks…I hope I get mine soon. To avoid problems in the future, if my refund is written on a BOA check, I am going to a BOA branch and cashing it that way they can never come back for it!!! Hopefully this is great news for all of us!

  13. Marni:

    Me too! Me too! Me too!!! I can’t believe this might finally be over! I have my check in hand from Freddie Mac!!

  14. Nish:

    To all, I just received my check as well from freddie mac. Looks like David’s contact was right, thanks for the info David and hopefully everyone else will start receiving their checks soon. Thanks to all who have been posting updates, this site became my best source of info for me during this whole mess!

  15. Stacy:

    I rec’d a phone call back from Paul at Ginnie Mae and he said that my escrow refund should be recieved by me by the end of May. And it’ll be on a BOA check. If I don’t receive it I am supposed to call him directly. Let’s hope we’ll finally get our money!

    • jim:

      To all just received my escrow funds check from Freddie Mac this morning ( May 10th check dated May 6th ). I was in part 3 of the borrowers protocol – Bounced Platinum Bank escrow checks. I hope that this check does not bounce upon deposit. I also hope that all others affected by TBW will have their specific issues resolved soon.

    • Melissa:

      Stacy, do you have a phone number for Paul? thanks

  16. David:

    UPDATE: My contact at Freddie Mac just informed me that he believes the checks will be mailed out this Friday (May 7, 2010). Hopefully this is the case.

    • ST:

      David,

      Who’s your Freddie Mac contact? My situation involves issue 4. I’ve spoken with one of the freddie mac lawyers who has advised me a resolution is nearing in two weeks.

    • Margaret Rover:

      Many thanks for the hope and update. I hope your contact is right!!

      ST, my guess is David is referring to folks that fall into issues 1-3.

      • ST:

        Margaret, yeah I figured that. I was just hoping for another Freddie Mac contact to call and find out more information.

        For those who are stuck with Issue 4 and Freddie is your investor, it does sound like something will happen in the next two weeks. They are reviewing Issue 4 mortgages on an individual basis (well, an independent company is).

        There is a May 24 deadline for Freddie Mac to opt into the final issue.

  17. no_TBW:

    Ar,
    Below is number to the contact lawyer for the uncredited committee. She may be able to help, can’t promise.
    Debi Evans Galler
    (305) 714-4397
    dgaller@bergersingerman.com

  18. AR:

    OK. I am completely lost. I call BOA, they say the same thing everytime…August 2009 payment from TBW is still not posted. I am now recieving calls from debt collectors representing BOA asking for that August payment. The payment was made, the doc’s have been mailed/faxed to BOA showing proof the payment was taken from my account…but still no luck. Each and everytime, the response from BOA is..”We received your correspondence regarding your payment, however the documentation you have provided is insufficient.” Can someone please give me a phone number or name…or any advice at all that will help me resolve this situation!? For those of you dealing with BOA that HAVE received your payment…what did you do? Did you file with BMC…did you threaten legal action…? If anyone know’s anything that would be beneficial….please shoot me a response! Thank you in advance… and good luck to all.

    • TH:

      Contact your state regulatory division, whoever handles the consumer protection regarding mortgages. They helped me to deal with Roundpoint Mortgage. Good luck.

  19. kraig:

    I Refinanced my house through BOA in July, 2009. I am still waiting for my $2,200 in Escrow funds from by Taylor Bean. Do I have to file something in order to get it? or should I just be persistant in calling BOA until I get it

    • Patti W:

      Kraig – I had the EXACT same thing happen to me – but I re-fi’d in Aug 2009 right before their bankruptcy. Call BofA and have them do an escrow re-analysis. My escrow funds ‘mysteriously’ showed up after I called them a bunch of times, received two letters notifying me that I had an escrow shortage, etc.. Only to find that they did receive my funds. Keep calling BofA – ask them if they think you need to speak to an attorney to get this settled. Make them do an escrow analysis and see what you end up with.

    • Margaret Rover:

      You should do both. If you refinanced directly through BOA, it doesn’t make sense that TBW would transfer your escrow funds. Rather, they should rebate them to you and you fund separately through BOA, if that is part of your loan.

      Conversely, if your account was transferred, it seems logical that the escrow funds too should have been transferred thus fall into a blackhole many above have experienced–i.e. loan transferred pursuant to TBW BK, escrow did not but should have followed. In any event, seems best to work both ends (though I know what a time and patience drain this thing has been…)

  20. cyndy:

    So I just hung up on BOA once again. To reiterate. TBW put a lender placed flood insurance in my escrow in error and were going to adjust before they went into Chapter 11. My escrow is in a negative balance and has gone up. I have faxed numerous and I mean numerous documents to BOA. I have been told at least 8 times that requests were put in for them to review my situation yet when I ask them what the resolution was they all say it was sent to the wrong department and it will take another 15 days for any type of information. I am definitely getting the run around. I have talked to corporate, I have talked to some girl named Dawn in Dallas yet no resolution. I have called all the numbers and contacted all the people this website suggests I contact yet nothing is happening. I put my loan number in the TBW web site and it says to contact BOA as they are the bank providing the services to my account. Does this mean that I do not have Freddie Mac or Ginnie Mae? I am confused who my actual investor is. When I went to the Freddie Mac and Ginnie Mae websites they say they are not holding my loan. I am a first time homeowner so this is very confusing for me. BOA has all documentation showing that when the lender placed flood insurance was attached to my escrow it was done in error. Why are they giving me the runaround? Are they not supposed to be following the protocol as well?

  21. Julie:

    For Bank of america people…I just spoke to Mary Cooper out of Dallas (972)526-3230. She said that they originally only recieved loans that still had a balance and they are working with TBW to get the information on escrow account in order to begin issuing checks. There is no timeline in place but she took my information and told me I could check back with her weekly.

  22. Marni:

    Thanks so much, Margaret! Yep, that was my problem. I was entering it into the first field, not the field further down the page. Freddie Mac is the lucky winner!!

  23. Marni:

    Is everybody entering their TBW loan number on the Taylor, Bean, and Whitaker website and they are being told who their new servicer is? When I enter my loan number there, I get the message “Sorry but we cannot find a match for your loan account number. Please contact your prior servicer.” Am I the only one getting this? Any suggestions with what I should do? I paid off my loan, because we sold the house, and my escrow refund check for over $4,400 bounced in August. Help!!

    • Margaret Rover:

      I think you need to enter your loan number further down the page where it asks you to do so to see if your account is subject to the bankruptcy protocol. After you do that, you’ll have to scroll back down. My guess is Freddie will be the subsequent servicer and that you escrow account is covered under the protocol– can’t promise you. If so, that sends you back to what an earlier poster recommended; contact Freddie than contact the bankruptcy referee to complain that Freddie hasn’t complied to date.

      Courage and patience to all…

  24. jim:

    Previous post should state August 2009 in second sentence.

  25. jim:

    This is a copy of an e-mail I sent to my congressman last Friday. My Congressman’s office has been aware of my situation since August 2008. People we need to make some noise so that Freddie Mac does what is required of them by law!

    Anything new. Called Freddie Mac again Monday. They said they are aware of the TBW issue but don’t know when the process of returning my escrow money will start, how it will proceed, or who will handle it. They won’t or can’t give me a name of someone to contact who is dealing with this issue, they just answer the phones and are not privy to that information. This is extremely frustrating for me. I paid my loan off in July of 2009 I have been owed over $3300 in excess escrow payments since then. This is my money. I have followed this thru TBW to the Bankruptcy Court to the FDIC and now to Freddie Mac. The Bankruptcy Court in Florida issued a court order for payment of these funds to affected borrowers. The FDIC & TBW have released the funds needed to repay affected borrowers. Freddie Mac opted in to the Florida Courts Protocol to make whole affected borrowers. Freddie Mac is sitting on $14,080,319 in funds to be used in the resolution of borrower issues ( Table 2 page 13 of the Borrower Resolution Protocol ).On page 14 of the court order it states. Each electing investor ( in my case Freddie Mac ) shall, based on information provided by TBW, and to the extent it has not already advanced funds to the affected borrower C. pay each affected borrower the face amount of the bounced Platinum check that relates to such affected borrowers. When will I and so many others receive what is rightfully owed us?

    • ST:

      Jim,

      I’ve talked to a Freddie Mac lawyer who is directly involved.

      George Kielman: 703-903-2600 (that’s their corporate lawyer number, you have say his name to get his direct line).

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